I'd rather have a series set somewhat outside the well establish lore of the existing games. That way, if they screw it up, no big loss. It can be discarded and handwaved away as a casualty of a dragon break. If it's done well though, some of its story can bleed back into future iterations of Elder Scrolls games.

In any case, I want to see some speculative gnostic bullshit. Roll back to the early days of the Empire, during the Reman dynasty. The plot would follow the exploits of the Imperial Mananauts in their explorations of Aetherius and Oblivion. The early seasons would be more episodic in nature with the Mananaut corps interacting with the inhabitants of various realms, learning about the nature of their existense and how the various planes of reality relate to one antoher. Occasionally, they'd fly a little too close to the sun and run afoul of a Daedric Lord or a member of the Magna Ge.

Throughout their travels, they'd be at odds with the Aldmeri travelers riding on the wings of their Sun Birds. The foundational schism between the belief systems of the Mer and Men would constantly see them exploring similar places and concepts, but with different goals in mind. The Aldmeri would be preoccupied with collapsing existense back into a previous state of unified divinity, similar to what the Aldmeri Dominion wants to do, while the Imperial Mananauts are on a more expansive endeavor. A Psijic Endeavor, if you will.

In the later seasons, one of the prominent characters would achieve CHIM, and after exploring his new understanding of existence as a dream while maintaining his sense of I, he'd achieve apotheosis via Amaranth. This intrepid Imperial Mananaut turned God would become the new Godhead of his own dream, and the new reality of this dream would be the basis of a whole new spin off series.